KINGSTON, N.Y. — Mayoral candidate Vince Rua, who says his fiscal prowess qualifies him to lead the city, has declared personal and business bankruptcy in the past.

But Rua, 65, who is running under the SAM (formerly Serve America Movement) banner in the November election, says the matters are long in the past.

“I want this campaign to focus on the issues, not on something that happened or started over 25 years ago,” Rua said.

In an email to the Freeman, Rua said doing business in New York is not easy.

“I know first-hand how difficult it is to run a successful business in New York state, always pay your employees and vendors on time, and fight off an out-of-state bank intent on shutting down a local company,” wrote said. “In business, it’s about keeping your customers satisfied, which I have always done. As mayor, I am committed to bringing that same focus to all of Kingston’s residents.”

The bankruptcy matters were the subjects of newspaper articles in the Times Herald-Record of Middletown and the Times Union of Albany. Commenters on the Freeman's Facebook page posted links to the stories after learning about Rua's candidacy, and other readers emailed the Freeman about them.

Rua is the founder of Christopher’s Custom Clothing, which opened a store in Crossgates Mall in suburban Albany 1996. He later opened Christopher's stores in Poughkeepsie, the Middletown area and downtown Albany.

“And then he expanded outside of the Hudson Valley by buying the Learbury outlet store in Syracuse and opening stores in the Philadelphia market,” the Times Union reported.

But Rua's business eventually fell on hard times. Christopher's was forced into Chapter 11 bankruptcy protection in 2005, according to court records. And by the end of 2007, Rua had filed for Chapter 7 personal bankruptcy.

“As an offshoot of the corporate bankruptcy, I was served papers Christmas Eve 2005 by an investment banking firm alleging I had personally guaranteed a $250,000 preferred-equity investment made by the investment bank,” Rua said. “I did not make any such personal guarantee as I was not even a shareholder at the time. ...

In a 2005 article, the Times Herald-Record detailed a hardware store investment scheme that Rua concocted.

“In 1994, Rua organized a company called Home Town Express, which bought the assets of Brescia Lumber Corp. in Montgomery, which had itself filed for bankruptcy protection,” the newspaper said. “Rua, with the help of Vince Brescia, convinced about 100 small investors in the Hudson Valley and surrounding areas to invest thousands of dollars apiece in Home Town Express.”

A year later, the company sold off its lumber and building-supply inventory, choosing to focus on hardware. The business then changed to clothing, and investors were left confounded when bankruptcy resulted, the paper said.

In his statement to the Freeman, Rua said the poor economy at the time was a factor in the Chapter 11 filing.

“Over 25 years ago, I was hired by venture capitalists to turn around a bankrupt company,” Rua said. “I was offered an executive employment contract including a small, minority equity ownership. At no time did I have a controlling interest in the company. I did nothing to cause the bankruptcy of this company.The bankruptcy was caused by the greed of an out-of-state bank which decided to limit its exposure in the retail sector...."

In announcing his candidacy for mayor, Rua said Kingston's current mayor, Steve Noble, "is leading the city toward a fiscal cliff. I think it needs to be stopped [by] a seasoned business professional to take the reins and deliver a balanced budget, maybe even a surplus.”

"Kingston needs a leader committed to ensuring our residents have access to good jobs and homes they can afford, while keeping an eye on the bottom line to make sure resources are used wisely," he added. "I believe I am that leader."

Noble, a Democrat, is running for his second four-year term as mayor. Also on the ballot will be Ellen DiFalco, is a registered Democrat who is running on the Republican and Independence lines, and Kingston People’s Party candidate Ethan Scott Barnett.